GSK completes acquisition of CNS
20 December 2006 00:00 in Pharmaceutical Company Restructures
GlaxoSmithKline (GSK) has announced that it has completed its purchase of CNS for a total value of approximately $566 million (286.95 million pounds). This sum equates to $37.50 for each outstanding share of the company.
CNS reported sales of $122.2 million in the financial year ended September 30th 2006, a rise of 20 per cent over the previous year. The company is the marketer of the FiberChoice and Breath Right brands.
The company's Breathe Right range includes orally administered snore relief products and nasal dilator strips and is marketed worldwide, in including the UK.
It notes that these products can be used by the 94 per cent of the population with colds and 69 per cent with allergies, in addition to half the population that snores and those with sinusitis and deviated septum.
John Clarke, president of consumer healthcare at GSK, said: "We are very pleased to welcome this outstanding business into the GSK consumer healthcare family."
He added that the brands acquired from the "well-managed" CNS complemented the growth strategy of GSK and that the purchase offered chances for pipeline innovation and expansion geographically.
Earlier this month, GSK announced that it had entered into an agreement to acquire antibody therapy developer Domantis for 230 million pounds.
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Story collated for Zenopa by the Adfero News Agency